Abu Dhabi National Chemicals Company (ChemaWEyaat) and Indorama Ventures Public Company Limited signed, on Thursday 26th December 2013, a joint venture agreement to develop the Tacaamol Aromatics Plant on MadeenatChemaWEyaat Al Gharbia’s (MCAG) site in the Western Region of Abu Dhabi.
The plant is expected to have an annual design capacity of about 1.4 million tonnes of paraxylene and 0.5 million tonnes of benzene. ChemaWEyaat will hold 51% equity and Indorama 49% in the joint venture company to be known as Abu Dhabi Chemicals Integration Company LLC (Tacaamol).
“We are very excited about this venture with ChemaWEyaat which represents our maiden entry into the Gulf region” said Mr. Aloke Lohia, Group CEO of Indorama Ventures. “It heralds long-term business success for Tacaamol. Both parties will contribute their expertise and resources, optimizing the benefits that Abu Dhabi offers to create a world class Aromatics chain industry that will result in sustainable economic and social development.”
Echoing the statement of Indorama Ventures’ Group CEO, Mr. Ahmed Saeed Al Mheiri, ChemaWEyaat Chief Executive Officer, said: “We welcome Indorama Ventures to Abu Dhabi and have full confidence in the future success of the Tacaamol Aromatics Plant. The teams of both parties have worked hard to reach this stage and we look forward to their continued spirit of cooperation during project implementation and the establishment of future operations.”
In 2012 ChemaWEyaat engaged the services of Foster Wheeler as Project Management Consultants (PMC) for the project, which includes substantial infrastructure work on the MCAG site to support the aromatics plant and, in due course, the other complexes that are planned to be developed there. During the summer of 2013, further contracts were placed covering the FEED for the utilities, offsites and infrastructure, and the site preparation activities.
ChemaWEyaat was established by Emiri Decree in November 2008 to further develop Abu Dhabi’s domestic chemicals industry, complementing ADNOC's subsidiaries Abu Dhabi Polymers Company (Borouge), Ruwais Fertilizer Industries (Fertil) and International Petroleum Investment Company’s (IPIC) international chemicals subsidiaries. ChemaWEyaat is jointly owned by IPIC, the Abu Dhabi Investment Council and Abu Dhabi National Oil Company (ADNOC).
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB) is a global leader in the polyester value chain with a strong global network and manufacturing across Asia, Africa, Europe and North America. Its products serve major brand owners in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial segments. The company's main products are PTA, EO/EG, PET and fibre, which are distributed across the world. IVL has approximately 9,000 employees worldwide and it achieved last twelve months consolidated revenue ending Q3 2013 of $7.3 billion.
The plant is expected to have an annual design capacity of about 1.4 million tonnes of paraxylene and 0.5 million tonnes of benzene. ChemaWEyaat will hold 51% equity and Indorama 49% in the joint venture company to be known as Abu Dhabi Chemicals Integration Company LLC (Tacaamol).
“We are very excited about this venture with ChemaWEyaat which represents our maiden entry into the Gulf region” said Mr. Aloke Lohia, Group CEO of Indorama Ventures. “It heralds long-term business success for Tacaamol. Both parties will contribute their expertise and resources, optimizing the benefits that Abu Dhabi offers to create a world class Aromatics chain industry that will result in sustainable economic and social development.”
Echoing the statement of Indorama Ventures’ Group CEO, Mr. Ahmed Saeed Al Mheiri, ChemaWEyaat Chief Executive Officer, said: “We welcome Indorama Ventures to Abu Dhabi and have full confidence in the future success of the Tacaamol Aromatics Plant. The teams of both parties have worked hard to reach this stage and we look forward to their continued spirit of cooperation during project implementation and the establishment of future operations.”
In 2012 ChemaWEyaat engaged the services of Foster Wheeler as Project Management Consultants (PMC) for the project, which includes substantial infrastructure work on the MCAG site to support the aromatics plant and, in due course, the other complexes that are planned to be developed there. During the summer of 2013, further contracts were placed covering the FEED for the utilities, offsites and infrastructure, and the site preparation activities.
ChemaWEyaat was established by Emiri Decree in November 2008 to further develop Abu Dhabi’s domestic chemicals industry, complementing ADNOC's subsidiaries Abu Dhabi Polymers Company (Borouge), Ruwais Fertilizer Industries (Fertil) and International Petroleum Investment Company’s (IPIC) international chemicals subsidiaries. ChemaWEyaat is jointly owned by IPIC, the Abu Dhabi Investment Council and Abu Dhabi National Oil Company (ADNOC).
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB) is a global leader in the polyester value chain with a strong global network and manufacturing across Asia, Africa, Europe and North America. Its products serve major brand owners in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial segments. The company's main products are PTA, EO/EG, PET and fibre, which are distributed across the world. IVL has approximately 9,000 employees worldwide and it achieved last twelve months consolidated revenue ending Q3 2013 of $7.3 billion.
Indorama Ventures to Showcase Sustainability Achievements at SX Expo 2024
A decade of empowering change: 'RECO Young Designer Competition' transforms into 'RECO Collective'
KBank grants financial facility of 3,000 million Baht to Indorama Ventures in support of the company's sustainability ambitions
Indorama Ventures and Saturday School Foundation collaborate to educate teachers about recycling
Indorama Ventures wins 'Investors' Choice' award and achieves an 'excellent' score for Corporate Governance
อินโดรามา เวนเจอร์ส คว้ารางวัล "สุดยอดผู้สนับสนุนความยั่งยืนในเอเชีย" จากเวทีประกาศรางวัลองค์กรที่เป็นเลิศและยั่งยืนแห่งเอเชีย
Indorama Ventures wins 'Top Sustainability Advocate in Asia' by the Asia Corporate Excellence and Sustainability Awards
Indorama Ventures reports resilient YTD earnings as management leverages its unique global model amid macroeconomic challenges